Reim Capital has just completed a £370,000 bridging loan to fund the acquisition of a former family-run, care home in Newent, Gloucestershire.
The borrower, an experienced London developer, has purchased the care home and applied for planning permission to convert the site to a residential scheme, featuring 4 houses.
In towns and cities across Britain, ex-care homes have been coming onto the market for commercial or residential property redevelopment. Last year saw Britain’s biggest care provider, HC-One, sell its 369 care homes, while Four Seasons was taken over after substantial losses and Care-UK’s 114 care homes were sold off.
Amar Khiroya, Principal and Co-Founder of Reim Capital commented: “We are delighted to be working with the developer on this residential conversion. This is our first bridging loan for a care home, and we are thrilled to be involved in this acquisition.
“As this residential scheme will meet the requirements of permitted development, the developer is confident that planning permission will be given. The site comes with full services and good site access.”
Reim Capital, based in Piccadilly is planning to write £2-3m per month during 2020 and expects to surpass these figures later this year by growing its broker distribution. Funded through a joint venture with a real estate debt fund, Reim Capital provides various bridging and commercial products, including residential and commercial bridging, auction finance, semi-commercial bridging, land with planning bridging and development exit finance.
For further information, please visit http://reimcapital.com.
